Health Savings Accounts Contribution Limits Raised for 2015

The Internal Revenue Service has increased the annual limitation on deductions for Health Savings Accounts (HSA) for 2015 according to an announcement made in April. The increase will raise the individual contribution limits to high deductible health plans to $3,350, and the limit for family coverage in a high deductible plan to $6,550. The Internal Revenue Service defines high deductible health plans as a “plan with an annual deductible that is not less than $1,300 for self-only coverage or $2,600 for family coverage, and the annual out-of-pocket expense do not exceed $6,450 and $12,900 for individuals and families, respectively”. This increase is effective as of calendar year 2015.